Item Coversheet

5919 MAIN STREET .  NEW PORT RICHEY, FL 34652 . 727.853.1016


TO:Members of the Community Redevelopment Agency
FROM:Mario Iezzoni, Economic Development Director
DATE:5/16/2017
RE:Business Incubator Lease - Page 5

REQUEST:
Approval of Business Incubator Lease to My Network One


DISCUSSION:

My Network One is a digital solutions business-branding and multi-media marketing firm. With the continued support of the city, the startup has grown steadily, achieving several milestones. Besides self-funding its growth, My Network One, at its own expense has made significant improvements to the Old Post Office. The firm has grown to 12 employees and continues to expand at a rather rapid pace.

 

As part of the 2012 CRA directive, Economic Development wishes to continue its support this technology-based firm, by leasing the building so it can continue its growth. The benefit to the city is not only that a long-vacant building is generating revenue to recoup prior cost, but the firm is a major contributor to the steadily improving downtown economy. Of particular important are the skilled and knowledge individuals that work for My Network One and have become a part of our community.

 

The lease terms are as follows:

  • 3 year term
  • $3,000 monthly rent increasing 3% in the second and third  year
  • First Right of Refusal should the CRA sell the incubator
  • The city can use the conference room and classroom upon request.

 




RECOMMENDATION:
Approval of the lease agreement with My Network One.


BUDGET / FISCAL IMPACT:
$36,000 in annual revenue and elimination of utilities cost related to maintaining the building.
ATTACHMENTS:
DescriptionType
Lease AgreementBackup Material